Disclaimer:
“ZULDAL Microfinance Bank”Is not Licensed By the CBN

The attention of the Central Bank of Nigeria (CBN)has been drawn to the activities of an
entity operating under the name Zuldal Microfinance Bank Limited,which reportedly has
branches in Lagos,Abuja,Kaduna,and Kano,and claims to be licensed by the CBN to carry
out microfinance banking in Nigeria.

In a statement issued on Wednesday by the Acting Director Corporate Communications, Hakama Sidi Ali (Mrs), the CBN explained that
the said Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has
no authorisation from the Central Bank of Nigeria to operate or carry out any form of banking
or microfinance business in Nigeria.

Part of the statement read,”For the avoidance of doubt,Section 2(1)of the Banks and Other Financial Institutions Act
(BOFIA)2020 stipulates that “no person shall carry on any banking business in Nigeria
except it is a company duly incorporated in Nigeria and holds a valid banking licence issued
by the CBN”.

The statement added that the general public is therefore strongly advised to disregard any claims of licensing or
approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial
transactions with the said entity,as such dealings are undertaken at the individual’s own risk.

“The CBN remains committed to safeguarding the financial system and protecting members
of the public from unlicensed and fraudulent institutions.A list of all licensed financial
institutions in Nigeria is available on the CBN website:www.cbn.gov.ng”. the statement concluded